Exponential growth for the Moldavian brokerage market
 MDL 152.73 million (EUR 9.27 million) was the volume of gross written premiums of insurance brokers in Moldova at the end of September 2010. Compared to the correspondent period of 2009, in EUR, the growth was 124%, and in MDL the real evolution (adjusted at the 8% inflation rate) was over 126%.
Noteworthy is the brokerage market share in the insurance market, as it reached 22.38%, after at the end of Half 1/2010 it stood at 20.68%, due to the increasing number of brokerage firms, up to 59.
On insurance classes, a share of 8.25% (MDL 12.6 million) of the brokers business focused on life insurance, and 91.75% (over MDL 140 million) - on general insurance.
As for insurance companies, insurance brokers' portfolios are dominated by motor insurance (74.6%), of which 36% related to voluntary Motor Hull insurance, 13.6% - to compulsory MTPL, respectively 23.4% - to Green Card.
Other insurance classes that have generated significant business for insurance brokers were health policies - valid in Moldova and abroad -, which reperesented, cumulated, 6.4% of the consolidated market portfolio, the equivalent of MDL 9.8 million.
Who are the leaders of the brokerage market?
In terms of insurance brokerage companies, with MDL 16.2 million, PRODEVIZ was first in the ranking made by the volume of mediated premiums (10.6% market share). On the next two positions, IMPERBROKER and EUROLIFE BROKER are found.
On insurance segments, with a market share of over 87%, EUROLIFE BROKER is leading by far the life insurance section, and IMPERBROKER (17.6% market share) has "the lead" when talking about Motor Hull insurance.
With a volume of mediated premiums of MDL 3.1 million, PRODEVIZ sold most mandatory MTPL insurance, and BROKERASIG sold MDL 4.65 million worth Green Card insurance, being placed in top of the hierarchy on this insurance class.
STARASIG holds a market share of about 64% of the accidents insurance segment, and ERVAX GRUP - more than half (53.42%) of general liability insurance.
On the "property insurance chapter", PRODEVIZ is in front of all insurance brokers on the fire and allied perils insurance class (more than MDL 2 million - mediated premiums), and IRS MANAGEMENT - first place on other damages to property insurance (MDL 1.92 million mediated premiums, equivalent to a market share of about 60%).
Click here to download the complete results of the insurance and insurance brokerage market from the republic of Moldova.
Author: Vlad BOLDIJAR
on 26.11.2010
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